INNOVATE Corp. (NYSE:VATE) Short Interest Update

INNOVATE Corp. (NYSE:VATE) was the target of a large growth in short interest in the month of November. As of November 30th, there was short interest totalling 316,900 shares, a growth of 16.5% from the November 15th total of 272,100 shares. Based on an average daily volume of 65,700 shares, the days-to-cover ratio is currently 4.8 days. Currently, 6.6% of the shares of the company are sold short.

Insider Transactions at INNOVATE

In other INNOVATE news, CEO Paul Voigt bought 25,000 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were purchased at an average cost of $3.98 per share, for a total transaction of $99,500.00. Following the transaction, the chief executive officer now directly owns 25,000 shares in the company, valued at $99,500. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 55.20% of the company’s stock.

Institutional Trading of INNOVATE

Large investors have recently added to or reduced their stakes in the business. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of INNOVATE during the 2nd quarter valued at $35,000. Gabelli Funds LLC increased its position in shares of INNOVATE by 20.9% during the 2nd quarter. Gabelli Funds LLC now owns 289,801 shares of the company’s stock valued at $175,000 after purchasing an additional 50,000 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of INNOVATE by 14.2% during the 1st quarter. Vanguard Group Inc. now owns 2,740,357 shares of the company’s stock valued at $1,920,000 after purchasing an additional 341,653 shares during the period. 34.28% of the stock is currently owned by institutional investors and hedge funds.

INNOVATE Trading Down 4.2 %

VATE traded down $0.24 during trading hours on Tuesday, hitting $5.47. The company’s stock had a trading volume of 154 shares, compared to its average volume of 38,681. INNOVATE has a fifty-two week low of $3.25 and a fifty-two week high of $13.00. The firm has a market capitalization of $72.53 million, a PE ratio of -1.59 and a beta of 2.37. The company has a 50-day simple moving average of $5.38 and a 200 day simple moving average of $5.10.

About INNOVATE

INNOVATE Corp., through its subsidiaries, operates in infrastructure, life sciences, and spectrum areas in the United States. The Infrastructure segment provides industrial construction, structural steel, and facility maintenance services, such as fabrication and erection of structural steel and heavy steel plate services, and large-diameter water pipes and water storage tanks; fabrication of trusses and girders; and 3-D building information modeling and detailing for commercial, industrial, and infrastructure construction projects, such as buildings and office complexes, hotels and casinos, convention centers, sports arenas and stadiums, shopping malls, hospitals, dams, bridges, mines, metal processing, refineries, pulp and paper mills, and power plants.